Indian e-scooter maker Ola Electric's $734 mln IPO fully subscribed
BENGALURU - Ola Electric's $734 million initial public offering was fully subscribed on the second day of bidding, reaching the target amid a sharp sell-off in global equity markets.
The SoftBank-backed company's IPO, the first by an electric vehicle maker in India and also the country's biggest this year, has received bids worth about $447 million, 1.06 times the shares on offer, exchange data showed on Monday.More than 150 companies have raised nearly $5 billion on India's booming stock market so far this year, almost double the amount raised in the same period of 2023, according to LSEG data.
Although Indian equity markets have touched fresh highs in recent months, they logged their worst day in two months on Monday amid a global sell-off. Ola, founded by Bhavish Aggarwal, will use a major chunk of the IPO proceeds to invest in its in-house cell manufacturing which will be used to power its own scooters.The IPO has also drawn interest from big institutions including Nomura, Norges Bank and a few domestic mutual funds, which bid for $2 billion worth of shares, six times the amount set aside for them.
South Korea's Kospi index fell close to 9%, while shares around Asia outside Japan lost a milder but still painful 4.2%.Magnificent Seven set to shed 1tr dollars in value, led by Apple, NvidiaPTI to hold power show in Swabi on Imran's one year detention
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